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The boss of Marmite maker Unilever has been ousted as the business struggles after toning down its “social purpose” mission that championed progressive causes.
Hein Schumacher will leave next month after less than two years as chief executive, and will be replaced by Fernando Fernandez, the recently appointed chief financial officer.
It comes as Unilever attempts to reinvent itself following a decision to row back on its social purpose mission shortly after Mr Schumacher took charge.
Before 2023, the company had attempted to promote environmentalism and equality by giving every brand a social purpose, a move mocked by investors for attempting to imbue the likes of Hellmann’s mayonnaise with a reforming agenda.
Mr Schumacher swiftly announced a major overhaul dubbed the Growth Action Plan (GAP), under which its efforts to transform the world are more tightly focused. However, he has been unable to significantly boost a share price that has been largely stagnant since 2017.
Ian Meakins, the Unilever chairman, said: “While the board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results.”
He added: “On behalf of the board, I would like to thank Hein for resetting Unilever’s strategy, for the focus and discipline he has brought to the company and for the solid financial progress delivered during 2024.
“Hein introduced and led a significant productivity programme and the commencement of the ice cream separation, both of which are fully on track.”
“The GAP has put Unilever on a path to higher performance and the board is committed to accelerating its execution.”
Mr Schumacher’s departure, which the board said was by mutual agreement, was announced days after the consumer goods giant snubbed London in favour of Amsterdam for its €15bn (£12.5bn) spin-out of its Magnum business.
It sent shares more than 2pc lower on Tuesday to make Unilever the worst performer on the FTSE 100 and comes as the business seeks to deliver 7,500 previously announced job cuts.
Unilever said earlier this month that its ice cream business, which is being spun off with an expected value of between €10bn and €15bn, would have secondary listings in New York and London, but its primary stock market listing in Amsterdam.
The decision was a blow to the London Stock Exchange and Rachel Reeves, the Chancellor, who met with Unilever officials last September to discuss “investment in the UK and capital markets and reforms”.
The company, which makes a range of consumer goods from Marmite to Dove, is also trimming down the number of brands in its food division and focusing more attention on its biggest sellers.